City (NASDAQ:CHCO) Lifted to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of City (NASDAQ:CHCO) from a sell rating to a hold rating in a research report report published on Thursday morning, Zacks.com reports.

According to Zacks, “City Holding Company is a multi-bank holding company that provides diversified financial products and services to consumers and local businesses. “

Other equities research analysts also recently issued research reports about the company. BidaskClub raised City from a sell rating to a hold rating in a report on Thursday, September 12th. Boenning Scattergood reissued a neutral rating on shares of City in a report on Thursday, June 20th.

Shares of CHCO stock traded down $0.02 during trading hours on Thursday, reaching $75.02. The company’s stock had a trading volume of 29,432 shares, compared to its average volume of 56,312. The firm’s 50 day simple moving average is $75.42 and its 200-day simple moving average is $76.14. The company has a market capitalization of $1.23 billion, a price-to-earnings ratio of 14.54 and a beta of 0.78. City has a fifty-two week low of $65.32 and a fifty-two week high of $83.04. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.01.

City (NASDAQ:CHCO) last issued its earnings results on Monday, July 22nd. The bank reported $1.38 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.30 by $0.08. City had a return on equity of 14.52% and a net margin of 30.14%. The firm had revenue of $58.74 million for the quarter, compared to the consensus estimate of $57.24 million. Sell-side analysts predict that City will post 5.34 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Tuesday, October 15th will be issued a dividend of $0.57 per share. This is an increase from City’s previous quarterly dividend of $0.53. The ex-dividend date is Friday, October 11th. This represents a $2.28 annualized dividend and a dividend yield of 3.04%. City’s dividend payout ratio (DPR) is 41.09%.

In related news, CFO David L. Bumgarner sold 1,000 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $76.65, for a total transaction of $76,650.00. Following the completion of the transaction, the chief financial officer now directly owns 8,936 shares of the company’s stock, valued at approximately $684,944.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Craig G. Stilwell sold 2,700 shares of the firm’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $74.92, for a total value of $202,284.00. Following the transaction, the executive vice president now directly owns 15,696 shares of the company’s stock, valued at $1,175,944.32. The disclosure for this sale can be found here. Company insiders own 3.36% of the company’s stock.

Large investors have recently made changes to their positions in the stock. Advisors Preferred LLC bought a new position in shares of City in the 2nd quarter worth about $26,000. Advisory Services Network LLC bought a new position in shares of City in the 2nd quarter worth about $35,000. Everence Capital Management Inc. bought a new position in shares of City in the 2nd quarter worth about $222,000. Scotia Capital Inc. raised its position in shares of City by 24.1% in the 2nd quarter. Scotia Capital Inc. now owns 3,819 shares of the bank’s stock worth $291,000 after acquiring an additional 741 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. raised its position in shares of City by 3.8% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 4,193 shares of the bank’s stock worth $320,000 after acquiring an additional 152 shares in the last quarter. 66.86% of the stock is owned by institutional investors and hedge funds.

City Company Profile

City Holding Company operates as a holding company for City National Bank of West Virginia that provides various banking, trust and investment management, and other financial solutions in the United States. The company accepts various deposit products, such as checking, savings, and money market accounts, as well as certificates of deposit and individual retirement accounts.

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